Following this statement from the governor, it would be quite difficult for the monetary policy committee (MPC) to repeat it in its July statement and not take some form of action. Hence, we forecast a 25bp rate cut next week, with the MPC voting 9-0 in favour of the move. At a time of uncertainty, unanimity will be helpful to markets. We expect further easing in August (a 25bp rate cut and GBP 50bn of QE), once the Bank has had a chance to fully update its forecasts.